The Chinese oil and gas company PetroChina has released its 2023 results, in which the group posted a net profit of CNY161.15bn (US$22.3bn), an 8.3% increase compared to 2022. The company’s total revenue decreased by 7% to CNY3,011bn (US$416.7bn) in 2023.
PetroChina’s oil and gas production increased by 4.4% in 2023 to reach 1,759 Mboe. Crude oil output stood at 937 mbl (+3.4%), while natural gas output grew by 5.5% to 4,932 bcf (140 bcm). In China, PetroChina’s oil and gas production reached 1,564 mboe (+3.4%), with crude oil production standing at 774 mbl (+0.8%) and natural gas output rising by 6% to 4,739 bcf (34 bcm). The company’s crude oil proved reserves dipped 3.1% to 6,219 mbl while gas reserves dipped by nearly 1% to 72,794 bcf (2,060 bcm).
In 2023, the Group sold 273.5 bcm of natural gas, representing a 5.1% increase compared to 2022, among which 220 bcm were sold on the domestic market (+6.1%). Crude oil sales rose by 19.4% to nearly 150 Mt. The group’s refinery throughput increased by 15.3% in 2023 to reach 1,399 mbl (3.83 mbl/d). Total sales of gasoline, diesel and kerosene combined rose by 10.1% to 165.8 Mt in 2023. PetroChina recorded a 17.3% rise in domestic sales of gasoline, diesel and kerosene (to 123.4 Mt), due to the lifting of Covid-19 restrictions in the country.
In addition, PetroChina installed 3.7 GW of solar and wind capacity in 2023 and generated 2.2 TWh from solar and wind.